Trump administration backs Australian tech firms in $2.8b deal

The Trump administration plans to invest in two quantum computing start-ups, PsiQuantum and Diraq, which are both backed by the Australian government, as part of a $US2 billion ($2.8 billion) bet on nine quantum computing firms.

PsiQuantum is one of five other companies that will each receive $US100 million from the US Department of Commerce in exchange for equity stakes in the company. The Silicon Valley quantum computer firm was last valued at more than $10 billion and also attracted buy-in from Nvidia.

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